Kura Sushi Returns $6 Million Federal Loan After Public Outcry | Eater LA

"The 25-location Irvine-based sushi chain, publicly traded and valued at about $87 million, decided to return a $6 million Paycheck Protection Program loan. Leadership said the funds were originally intended to keep non-furloughed staff employed and to re-hire about 35% of the workforce who had been furloughed after most dining rooms closed on March 18. The company reported roughly $24 million in cash reserves and a $20 million loan from its Japanese parent, and its CEO framed the return as a difficult but ethical choice given that better-capitalized chains were crowding out true small businesses; the company hopes the refunded money will reach independent restaurants and other less-capitalized operators." - Matthew Kang